CONSUMER PROTECTION IN HIRE PURCHASE TRANSACTIONS: A CASE STUDY OF GHANA’S LEGAL FRAMEWORK

Abstract

Objective: This study critically examines the effectiveness of Ghana's Hire Purchase Act 1974 in safeguarding consumer interests in modern hire purchase agreements. Theoretical Framework: The focus of analysis is the regulatory framework for hire purchase transactions in Ghana in comparison to UK and Australia. Method: The methodology adopted for this research comprises [concisely describe the study design, including approach, participants, instruments, procedures, etc.]. Data collection was carried out through [explain the specific methods used, such as interviews, questionnaires, observations, among others. Results and Discussion: The Act provides fundamental consumer protections through requirements for written agreements, disclosure of terms, and rights to terminate agreements. However, it faces challenges in addressing contemporary market realities, particularly digital transactions, and in providing accessible dispute resolution mechanisms. The study identifies key areas for improvement, including modernization of the Act, introduction of alternative dispute resolution options, strengthening enforcement capabilities, and enhancing consumer education initiatives. Research Implications: These findings contribute to the ongoing discourse on consumer protection in Ghana and offer valuable insights for policymakers considering reforms to the hire purchase regulatory framework. The research emphasizes the need for a balanced approach that enhances consumer protections while maintaining a vibrant hire purchase market in Ghana. Originality/Value: Overall, the study offers a unique and valuable perspective on the effectiveness of Ghana's Hire Purchase Act and provides actionable recommendations for improvement.